Cazenove Fund Management is to launch an Oeic sub-fund linked to a trustee investment plan in Novemb...
Cazenove Fund Management is to launch an Oeic sub-fund linked to a trustee investment plan in November, writes Jane Wallace
The sub-fund will be a life-wrapped balanced fund follo-wing the CAPS Median for asset allocation. Suffolk Life will take responsibility for providing the life wrapper. RBS will carry out administration for the new Oeic and plan. Cazenove was previously with Perpetual but terminated the contract because it did not provide an Oeic capability
The new fund requires a life wrapper to get around complicated tax issues that apply to mixed funds, those with bonds and equities in the same portfolio. A wrapper is not required for straight bond or straight equity funds
Cazenove converted its existing range of nine unit trusts to an Oeic and launched two Oeic bond funds on 2 July. The two new funds, Sterling Bond and International Bond, replicated Cazenove's existing offshore funds based in Jersey
The sub-funds of the Oeic, called Cazenove Investment Fund Company, carry three types of share classes. The Accumulation and Distribution classes for retail investors have an initial fee of 5% and an annual management fee of 1%. The X class, in which the TIP will invest, is for institutional investors with a minimum investment of £1m
Consistency and compliance vs. slower reaction time
Search for replacement to begin imminently
60+ £300bn ISA savings
Has technology moved on?
Total funds on list rise from 26 to 58